What questions should I ask about buying first home?
What do I need to know whenever it is time to make a decision? I already talked to the realter and am set to go look at some houses with the other specialists that helps find a home. I was told that, in Texas, for a $100,000 I would be paying about $1,000 a month for mortgage and taxes and stuff all put together? So she recomended a $60 to $70,000 dollar house for my poor a - s? I just need to know as much as I can please. I am married with 2 kids and my wife or kids don't work and I have a 6 month old new van which should all hurt me? First time home buyers program how does that work?
The best advice is to always have the home inspected, before buying, costs you a couple hundred bucks, but could save you a lot in the long run. Make sure the inspector inspects the roof, electrical, attic, furnace, air conditioner, plumbing and foundation, those are the big money things that could be wrong with the house. Also,make certain that their isn't a sewer run-off in your yard, could lead to flooding later.
As far as financing goes, I would suggest a 30 year fixed mortgage, as anything else could fluctuate to a really high payment later. Also try to pay more on your principal each month, that will save you a bundle in the long run as well, you will pay it off faster that way and save lots on interest.
Check the school district n the area in which you are looking to make certain it is where you would like to send your children as private schools can run into heavy tuition costs as well.
Most of all, know that it 's a buyer's market right now, don't pay what the seller is asking, make an offer. Have enough money set aside for both a sizeable down payment, usually the bank asks for 10% down as well as closing costs, unless the seller pays closing costs, which sometimes they do, if they want to sell badly enough.
Good luck, I hope it is a wonderful experience and you and your family enjoy your new home!! : )
May 7th, 2009 at 10:30 pm
Has anyone died here recently?
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May 7th, 2009 at 11:12 pm
You should ask "how much the house " is first…then if you have that kind of budget to work around with throw some figures of how much feasable monthly payments you will be paying….
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May 7th, 2009 at 11:37 pm
You need to check the major equipment in the homes you are looking at. For instance, most forget to check the furnace-it's age-it's service history-does it need replaced etc. Also the same with the air conditioner. Before sighning on the dotted line of the purchase my suggestion is to have a heating and air conditioning technician check the furnace and tell you it's state of health as the air conditioner. In the business we have seen more people buy a home only to have to fork out the money to replace the heating and air systems after moving in. It should be a part of the sale if it is faulty or needs serviced it should be on the current residents pocket to fix or replace this equipment.
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May 8th, 2009 at 12:25 am
If you thinking about purchasing a House, think about feng shui. it is a type of method originally from China to make your hose healthy.
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May 8th, 2009 at 1:06 am
The best advice is to always have the home inspected, before buying, costs you a couple hundred bucks, but could save you a lot in the long run. Make sure the inspector inspects the roof, electrical, attic, furnace, air conditioner, plumbing and foundation, those are the big money things that could be wrong with the house. Also,make certain that their isn't a sewer run-off in your yard, could lead to flooding later.
As far as financing goes, I would suggest a 30 year fixed mortgage, as anything else could fluctuate to a really high payment later. Also try to pay more on your principal each month, that will save you a bundle in the long run as well, you will pay it off faster that way and save lots on interest.
Check the school district n the area in which you are looking to make certain it is where you would like to send your children as private schools can run into heavy tuition costs as well.
Most of all, know that it 's a buyer's market right now, don't pay what the seller is asking, make an offer. Have enough money set aside for both a sizeable down payment, usually the bank asks for 10% down as well as closing costs, unless the seller pays closing costs, which sometimes they do, if they want to sell badly enough.
Good luck, I hope it is a wonderful experience and you and your family enjoy your new home!! : )
References :
May 8th, 2009 at 1:56 am
1) Can you afford it?
Check how much similar houses have sold for in the same street where you are planning to buy. See if their prices went up or down and by how much. This information you can get online, and may help you a lot in deciding on whether or not buying in this area for that price is fair in today's bear market. Check if there are new houses being developed in the vicinities and how much are they selling for compared to "older" houses.
2) How much of a down payment can you afford? If you cannot put at least 20% , you will have to pay more every month for PMI (Private Mortgage Insurance).
3) Can you afford the 5-7% for closing costs?
4) If you were to loose your job (downsizing, merge, etc), do you have savings to cover for at least 6-8 months of your monthly expenses + your mortgage payments?
5) If you have worked for the same employer for at least 2 years, your mortgage lending bank may offer you a better interest rate.
6) What is your Fico or 3 major credit bureau credit score? If it is more than 620, you may also be offered a better interest rate.
7) How much would it cost you to run the house, aside from the mortgage for water/sewage/gas/heat/property taxes/electricity in hot weather and oil in the winter?
9) Decide with your wife how long you plan on living in this house as this may help you in deciding on the type of mortgage type of loan. If this house is way too far from your job, you may not be able to spend enough time with your family.
10) Your monthly expenses including mortgage and everything else should not exceed 38% of your take home income. If it takes more, then you would not be left with enough money to save for your future and that of your family. Remember you are the only one working and so in the event you found yourself without a job, a mortgage, and four people depending on you if you don't have enough cash for emergencies you may put your family at risk.
By the way, there is a lot of info about buying online. You could Google it or read CNN.com or Money.com.
Good luck.
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